Export-Import Bank Small Business Success: Concut Inc.
Washington, D.C. - Concut Inc., a family-owned small business headquartered in Kent, Wash., exports diamond tools and equipment to markets abroad. Founded in 1946, the company now numbers 38 employees.
Since purchasing Ex-Im Bank's Express Insurance, a short-term trade credit insurance policy that reduces how much risk businesses face when selling on open account, Concut's international sales have doubled as the company closed deals in Chile and Brazil.
Meridian Finance, Concut's broker, has provided ongoing support and guidance.
Ex-Im Bank's express insurance supports small businesses like Concut to expand into new markets overseas and create jobs at home, said Ex-Im Bank Chairman and President Fred P. Hochberg. In FY 2014 alone, Ex-Im supported 164,000 American jobs, many of them at small manufacturing businesses like Concut.
The Ex-Im Bank insurance program has allowed our small business to expand internationally while at the same time keeping our financial exposure at a reasonable level, said Susan Mayer, co-owner. We are a very small company that has been able to compete effectively against multi-billion dollar foreign companies. We're also one of the few remaining U.S.-owned manufacturing companies in the diamond blade industry.
For more information about Ex-Im, call 1-800-565-EXIM or visit www.exim.gov.
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that supports and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Ninety percent of its transactions directly serve American small businesses.
In fiscal year 2014, Ex-Im Bank approved $20.5 billion in total authorizations. These authorizations supported an estimated $27.5 billion in U.S. export sales, as well as approximately 164,000 American jobs in communities across the country.
Small business exporters can learn about how Ex-Im Bank products can empower them to increase foreign sales by clicking here. For more information about Ex-Im, visit www.exim.gov.
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